TSX reverses early loss as energy shares gain

Thu Apr 8, 2010 5:03pm EDT
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

By Ka Yan Ng and John McCrank

TORONTO (Reuters) - The TSX ended slightly higher on Thursday, rebounding from steep losses early in the session as oil prices climbed back from lows and optimism grew about the global recovery.

The main thrust of the bounce-back came from the index's heavily weighted energy sector, which ended up 0.6 percent..

Shares of Suncor Energy Inc rose 2.1 percent to C$35.33, and Canadian Natural Resources gained 1.3 percent to 61.67. U.S. crude ended down 49 cents at $85.39, but that was more than $1 off the day's low point.

Shares of Athabasca Oil Sands Corp, Canada's biggest initial public offering in more than a decade, fell 6.1 percent to C$16.90 in their debut on the Toronto Stock Exchange, below their pre-market price of C$18.

Gold prices pushed above $1.150 an ounce, helping prop up the index's mining-heavy materials sector, which finished up 1.2 percent.

Goldcorp ended up 0.7 percent at C$40.35, while Barrick Gold gained 0.5 percent to 41.10.

The Toronto Stock Exchange's S&P/TSX composite index rose 2.63 points, or 0.02 percent, to 12,113.53. Three of the index's 10 main sectors were up, with industrials rising along with the energy and materials groups. Financials ended flat.

Early in the session, the index was down more than 1 percent. Investors may see a lot more turbulence on the market in the coming months, said Michael Sprung, president at Sprung & Co Investment Counsel.   Continued...

<p>A Toronto Stock Exchange (TSX) logo is seen in Toronto in this November 9, 2007 file photo. REUTERS/Mark Blinch</p>